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How many months of the rent was unused for the year

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Reference no: EM132705771

Question - Mask Company's unadjusted trial balance for the year ended September 30, 2019 showed a Rent Expense account of P10,500. This balance was related to a 6 month rental on office space that started on on August 1, 2019.

In relation this, answer the following questions.

1. How much is the MONTHLY rent expense pertaining to this?

2. What method is being used by Mask Company to account for the rental?

A. Liability method

B. Asset method

C. Revenue method

D. Expense method

3. How many months of the rent was unused for the year ending 9.30.2019?

4. How much is the correct amount of rent expense for year 2019 related to the said transaction?

5. How many months of the advance rental is already consumed as of 9.30.19?

6. How much is the correct balance of the prepaid rent on 9.30.19?

7. What adjusting entry should be made on 9.30.19?

Debit

A. Office building

B. Depreciation expense

C. Prepaid rent

D. Cash

E. Rent expense

Follow-up question, How much is the debit amount?

Credit

A. Office building

B. Depreciation expense

C. Prepaid rent

D. Cash

E. Rent expense

Follow up question, How much is the credit amount?

Reference no: EM132705771

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